An Entrepreneur Is Considering the Purchase of a Coin-Operated Laundry

question 180

Multiple Choice

An entrepreneur is considering the purchase of a coin-operated laundry.The current owner claims that over the past 5 years,the mean daily revenue was $675 with a population standard deviation of $75.A sample of 30 days reveals a daily mean revenue of $625.If you were to test the null hypothesis that the daily mean revenue was $675 and decide not to reject the null hypothesis,what can you conclude?

• A)There is not enough evidence to conclude that the daily mean revenue was $675.
• B)There is not enough evidence to conclude that the daily mean revenue was not $675.
• C)There is enough evidence to conclude that the daily mean revenue was $675.
• D)There is enough evidence to conclude that the daily mean revenue was not $675.

---

Definitions:

Sherman Silver Purchase Act

An 1890 United States federal law that increased the amount of silver the government was required to purchase every month, driving up the money supply and inflation.

Currency Inflation

The decrease in purchasing power of a currency, often perceived as an increase in prices and a reduction in the value of money.

Coinage of Silver

The process or policy of minting coins from silver, often debated in economic and political contexts, particularly in the late 19th century United States regarding the gold standard.

Economic Motivation

The driving factors behind decisions made by individuals or organizations that are primarily concerned with financial gain or the optimal allocation of resources.